USPAP Issues and Concerns – PART III

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USPAP Blog Image Part III

Continuing with insights from The Appraisal Foundation’s Appraisal Standards Board USPAP Q&A publications this year, another query made and addressed in the October 28, 2014 publication is regarding use of certain terminology, specifically “USPAP Certified Appraisers” and “USPAP Certified Appraisals.” The following question, posed by an appraiser, and The Appraisal Foundation’s Appraisal Standards Board answer:

Question:

Recently I have seen numerous advertisements from individuals who may have completed a USPAP course and describe themselves as “USPAP Certified Appraisers,” or their reports as “USPAP Certified Appraisals.” Is this an actual credential, and if not is that wording misleading?

Response:

There is no such credential. The expression “USPAP Certified Appraiser” is misleading. Completing a USPAP course does not entitle one to call oneself a USPAP Certified Appraiser.

One requirement for an appraisal or appraisal review is that the report include the appraiser’s certification that to the best of his or her knowledge and belief the work was performed “in conformity with the Uniform Standards of Professional Appraisal Practice.” The use of language such as “USPAP Certified Appraisal” could be taken by intended users to mean that there was some independent certification of compliance. If that could be inferred from the language used, this would also be misleading.

At Valuation management Group, we have not experienced any appraisal reports with this verbiage but we are providing the information as an FYI should any of you come across the question or a “USPAP Certified” claim in an appraisal report.

Valuation Management Group is a national, full service appraisal management company that manages the appraisal process for community banks, mortgage bankers and credit unions. We take the process from ordinary to extraordinary.

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